May 28, 2024

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CBN’s move to print currency to finance finances receives backing

By Gbade Ogunwale, Abuja

The approach by the Central Lender of Nigeria (CBN) to print extra local currency to finance the 2021 nationwide finances has attracted good comments from a previous Vice President of Sierra Leone, Mr Sam Sumana.

There have been phone calls from varied opinions in the country in support of forex printing amid inadequate assets to fund the budget.

Nonetheless, the global rating agency, Fitch, in a modern report, experienced faulted the solution, indicating that printing far more forex was a risk to Nigeria’s macroeconomic steadiness.

But in a statement claimed to have been issued in Freetown, the Sierra Leonian cash and circulated in the media in Abuja on Monday, Sumana was quoted to have counseled the CBN’s prepared action, describing it as simple monetary intervention.

According to Sumana, the prepared move by the CBN would not only support Nigeria stabilise its economic climate but would also carry steadiness to the economies of West African nations.

The Sierra Leonian chief was further more quoted to have explained the shift by the apex lender as noble and that the CBN and its governor, Mr Godwin Emefiele, must be recommended for the initiative, rather of criticising the hard work.

He noted that the CBN governor experienced shown commitment to increasing countrywide and regional economic growth agenda.